Smartlink, Pyratz Labs, and Hashi create consortium to build First Bi-Directional Cross-chain Bridge Between Tezos and EVMs
Smartlink is excited to join hands with Pyratz Labs and Hashi for the development of a cross-chain bridge protocol between Tezos and EVM chains.
Smartlink plays a critical role in providing development and financial resources to bridge this technological gap with Hashi Protocol.
This collaboration is in line with Smartlink’s vision to consistently evolve with the emerging technology and changing user needs.
Tezos is quickly becoming the go-to blockchain for artists and leading game development companies along with a growing NFT user base. The lack of a cross-chain protocol limits the exposure for these NFTs.
Hashi Protocol is a cross-chain bridge that intends to provide a fungible and non-fungible token bridge between Tezos and EVM chains.
Smartlink and Pyratz Labs will contribute to Hashi and build a state-of-the-art wrapping bridge that is fully decentralized, bi-directional, and Metaverse-ready. This partnership aims to improve the protocol, expedite its development and deployment process.
Growing NFT Market Footprint
Achieving ground-breaking numbers in 2021, the NFT market generated over $23 billion in trading volume and gives no indication of that growth slowing. NFTs (non-fungible tokens) are progressively being recognized worldwide providing this evolving ecosystem with an audience among investors, creators, gamers, and artists.
NFTs are powered and stored by a technology known as a blockchain, or a digital ledger of a network. The revolution with a blockchain is that it guarantees the security of a data record and creates trust without a need for a trusted third party. However, each network comes with its own features and requirements to function properly, presenting a real need for a cross-chain bridge.
What is a Cross-Chain Bridge?
For example, a user purchases an NFT from the Tezos blockchain and later decides they would like to bring it to the Ethereum blockchain. As previously stated, each blockchain has specific requirements, rules, and protocols, however a cross-chain bridge makes this possible.
A cross-chain bridge allows a connection between individual blockchains enabling the transfer of tokens, assets, smart contract instructions, or data between them.
A Window to the Future
At Smartlink, we believe that Tezos is one of the most advanced blockchain networks with over seven upgrades to date. However, this type of infrastructure is still needed and can help trigger mass adoption with more NFT projects entering the ecosystem.
